Gross Domestic Product: Manufacturing (31-33) in Connecticut
CTMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
41,743.30
Year-over-Year Change
44.23%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product (GDP) for the manufacturing sector in Connecticut measures the total economic output of this industry within the state. It is a key indicator of the health and performance of Connecticut's manufacturing base.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This series represents the GDP contribution of the manufacturing industry (North American Industry Classification System sectors 31-33) in the state of Connecticut. It is a valuable metric for analyzing the economic conditions and trends within this important sector of the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and economists use this metric to assess the competitive position of Connecticut's manufacturing industry and inform economic development strategies.
Key Facts
- Connecticut's manufacturing GDP was $39.7 billion in 2021.
- Manufacturing accounts for over 10% of Connecticut's total economic output.
- The state's manufacturing GDP has grown by 3.2% annually since 2015.
FAQs
Q: What does this economic trend measure?
A: This metric measures the total economic output or gross domestic product (GDP) of the manufacturing industry in the state of Connecticut.
Q: Why is this trend relevant for users or analysts?
A: The manufacturing GDP trend provides valuable insights into the performance and competitive position of this critical sector of Connecticut's economy, which is important for policymakers, businesses, and economic analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to assess the health of Connecticut's manufacturing industry and inform economic development strategies and initiatives.
Q: Are there update delays or limitations?
A: The data is typically published with a 1-2 quarter delay by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Manufacturing (31-33) in Connecticut (CTMANNGSP), retrieved from FRED.